EquityPandit’s Outlook for HDFC Bank for the week  (May 02, 2017 – May 05, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 3.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 1500 to 1505 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 1540 to 1550. During the week the stock manages to hit a high of 1574 and close the week around the levels of 1546.

Minor support for the stock lies in the zone of 1520 to 1525. Support for the stock lies in the zone of 1500 to 1510 where Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1460 to 1480 where Fibonacci level and highs for the month of March-2017 are lying.

The stock is trading at all time highs so virtually no resistance is visible. Resistance for the stock lies in the zone of 1580 to 1600. If the stock manages to close above these levels then the stock can move to the levels of around 1650 to 1665.

Broad range for the stock in the coming week can be 1480 to 1500 on lower side & 1600 to 1620 on upper side.